Breaking News
Central Bank of Nigeria, CBN’s New Cash Withdrawal Limits: What Businesses Should Expect from January 1, 2026

The Central Bank of Nigeria has revised cash-related policies and set new cumulative weekly withdrawal limits of ₦500,000 for individuals and ₦5 million for corporate entities, effective January 1, 2026.
Withdrawals above these thresholds will attract fees of 3% for individuals and 5% for corporates. The policy also removes many earlier exemptions and requires banks to report and document transactions that exceed the limits.
For cash-heavy sectors, the practical impact will be immediate. Retailers, logistics operators, open-market traders, hospitality businesses and small manufacturers that depend on daily cash collections may face higher costs if large-scale cash handling continues.
Businesses that pay casual labour in cash will also need to adjust payroll processes to avoid surprise charges.
Banks and fintechs are likely to benefit from increased digital transaction volumes, as more customers shift to transfers, POS and wallet products to stay within the new ceilings. Over time, the policy may strengthen formal transaction records and support anti-money-laundering goals.
What should SMEs do now? First, audit your cash cycle: identify where cash is essential and where it is simply a habit. Second, renegotiate payment terms with suppliers and distributors so that more flows move to bank transfers.
Third, expand customer payment options by adding reliable POS, USSD and account payment prompts at checkout. Fourth, update internal controls to reduce the risk of staff holding large physical cash balances.
The policy is not a ban on cash, but it is a price signal. Firms that digitise collections and payments early will reduce costs, improve audit trails and position themselves for faster access to credit and partnerships in 2026.
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Breaking News
Police arrest Bayelsa sender of gun that led to killing of Mene Ogidi

Reports say Police have arrested two persons including the Bayelsa State sender of the barretta pistol and four rounds of ammunition that led to the killing of Oghenemine Ogidi by ASP Nuhu Usman in Effurun, Delta state.
A source said two suspects were moved into the Effurun Area Command under the Delta State Police Command Wednesday night, as investigations continues towards apprehending all persons connected with movement of the gun and bullets, and the death of 28 year old Mine.
While the Police authorities keep mum on the development, a source told Vanguard, “It’s confirmed. They just brought in two suspects Wednesday night.
“It’s not been announced who is who yet, but I can tell you for free that one of them is the person who sent the gun through a transport line from Yenagoa to Effurun, from where Mine picked it to send to a Sapele owner at the Effurun Motor Park where he was caught and extrajudicially killed by ASP Nuhu and accomplices.
“Like I sad, it’s not clear if the other person among the two could be the driver who brought the parcel from Yenagoa. But it’s clear that the sender is among the duo just apprehended. And the trail continues for the other suspects.”
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Breaking News
National Assembly makes U-turn on eight-year eligibility for presidency contest

The Senate has made a U-turn on its Tuesday’s decision as it has rescinded a controversial amendment that barred first-time senators from contesting presiding offices, reopening the 2027 race for Senate President and Deputy Senate President.
On Tuesday, the Senate amended its Standing Orders after a marathon executive session with the introduction of stricter eligibility criteria for the emergence of presiding officers in the 11th Senate, effectively limiting the contest for Senate President and other top leadership offices to returning ranking lawmakers of the current Assembly.
With the amendment on Tuesday, Senate leadership positions will follow a hierarchy beginning with former Senate Presidents, former Deputy Senate Presidents, former Principal Officers, senators who have completed at least one full term, lawmakers transitioning from the House of Representatives, and finally, first-time senators where no higher-ranking candidates emerge.
The amendment also stipulates that only Senators returning from the current 10th Assembly after re-election can contest for Senate President and other key leadership offices.
The reversal was adopted on Thursday through a motion sponsored by Senate Leader Opeyemi Bamidele, APC, Ekiti Central and presided over by Deputy Senate President Jubril Barau.
On why the reversal matters, Bamidele said that with the rule gone, the leadership contest for the 11th National Assembly is now open to all elected senators regardless of tenure.
The backtrack also signals a shift within the ruling party towards a more competitive and inclusive process for selecting the next Senate leadership, rather than pre-determining it through tenure restrictions.
The motion is titled, Recession and Re-Committal of Order 2 (2) and Order 3(1) of the Senate Standing Orders, 2023, as amended.
Presenting the motion, Bamidele said, “the Senate recalls that the Senate Standing Orders were considered and amended on Tuesday, 5th May, 2026;
“Observes that upon further legislative and constitutional review, certain provisions introduced under Order 2(2) and Order 3(1) may give rise to constitutional inconsistencies and unintended tensions with the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), particularly Section 52 thereof;
“Notes that it is necessary to ensure that the Standing Orders of the Senate remain fully consistent with constitutional provisions, established parliamentary conventions, and legislative practice;
“Further notes that the Senate possesses the inherent parliamentary authority to revisit, rescind, and recommit any matter previously decided upon in order to preserve the integrity of its proceedings and legislative framework;
“Accordingly resolves to: rescind its earlier decisions relating to the amendments made to Order 2(2) and Order 3(1) of the Senate Standing Orders, 2026.
” Rescission and Re-Committal of the National Identity Management Commission (Establishment) Bill, 2026 to the Committee of the Whole.
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Breaking News
Gunmen Abduct Eight Students in Midnight Raid Near Nasarawa State University

Suspected gunmen have abducted no fewer than eight students during a midnight attack on off-campus hostels near the Engineering Campus of Nasarawa State University in Gudi.
The incident occurred around 1:00 a.m. on Thursday, with armed attackers storming several student lodges and whisking victims away to an unknown location.
A source said students hid in fear throughout the operation, complaining about the absence of immediate security intervention. The attack has heightened tension as students are currently writing examinations. Calls have been made for security agencies to intensify rescue efforts.
Key Points:
Eight students were abducted from off-campus hostels near the university.
The attack happened around 1:00 a.m. on Thursday while students were writing exams.
No visible security response was present during the operation.
Students and residents are calling for urgent rescue and improved security.
Fear has spread across the university community.
Sources: PM News
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